Europe has driven a surge in LNG demand, but while the near-term economics look appealing, some of those new LNG projects could turn into stranded assets in the long term
- Sep 22, 2022, 6:00 PM CDTEuropean countries are rushing to deploy floating LNG import vessels this autumn.
However, gas is still a key part of the EU energy mix, both in heating homes, generating electricity, and fueling industrial processes. That’s why Europe is racing to build LNG import terminals to receive more gas from sources other than Russia.
“Leasing an LNG terminal vessel is extremely important, as it ensures security of supply for gas supplies in both Finland and Estonia,” Gasgrid CEO Olli Sipilä said at the time. For the EU and its members, it looks like it currently makes sense to cater to the short-term needs for gas, while working to reduce gas consumption and rely more on renewable gas, hydrogen, and replacing gas in heating and power generation. Therefore, most are opting for chartering the cheaper FSRU terminals than spending billions of dollars and years on planning, designing, permitting, and constructing the more expensive onshore LNG import terminals.
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